Authorities located 20-year-old Luis Solano about 1:30 p.m. after a two-hour manhunt in the area of Ventura and Laurel Canyon boulevards.
Police say Salano is a known violent gang member and a suspect wanted in connection with a killing in Valley Glen in November.
Officers had spotted Salano just before 11:30 a.m. near a school, but he managed to get away.
Police immediately locked down schools in the area. Carpenter Avenue Elementary and the Country School were placed on lockdown, while Bridges Academy was placed on partial lockdown.
A wide search perimeter was set up in the area of Carpenter Avenue, just east of Laurel Canyon Boulevard, and after several hours of the massive manhunt with search dogs and more, police got their man.
"He was located in the area around an apartment building we were looking at," said Lt. Andy Neiman of the Los Angeles Police Department. "There was no use of force. He was taken into custody. We have confirmed that it's him."
No one was hurt during the search.
Authorities said Salano and another man were suspects in the shooting death of 26-year-old Pedro Martinez in the community of Valley Glen on Nov. 18.
Police have the other suspect in custody.